Omnicom Group Inc (NYSE:OMC) disclosed the buyout of Grabarz & Partner to boost its footprint in Germany. The financial terms were not disclosed.

With more than 260 employees, Grabarz & Partner is a renowned creative agency headquartered in Hamburg. 

The acquisition is expected to close in Q3 2023, upon customary closing conditions.

"We're thrilled to add one of the most creative agencies in Germany to our roster and to lean into its stellar reputation in one of Europe's most important economic regions for our clients. Our shared vision for creative excellence is what drew us to them, and we look forward to the impact they'll make as part of Omnicom. We welcome the entire Grabarz & Partner team to the group," said John Wren, Chairman and CEO.

Also Read: Omnicom Partners With AWS For Generative AI For Advertising Campaigns

Price Action: OMC shares are trading lower by 2.18% at $91.99 on the last check Thursday.